STAMFORD, CONN. — JLL has arranged a $53.5 million acquisition loan for Glenview House, a 146-unit apartment complex in Stamford. The property offers one-, two- and three-bedroom units that average 1,280 square feet and are furnished with stainless steel appliances and full-size washers and dryers. Amenities include a pool, courtyard, outdoor grilling area, fitness center, clubroom with a bar and a business center. Elliott Throne, Mona Carlton, Alex Staikos, Amit Kakar and Kenny Cutler of JLL arranged the three-year, floating-rate loan through MetLife Investment Management on behalf of the borrower, Beachwold Residential.
PHILADELPHIA — CBRE has brokered the $28 million sale of a portfolio of six multifamily properties totaling 78 units in Philadelphia’s Fairmount and Brewerytown neighborhoods. The portfolio consists of: The Fairmount Flats at 745-751 North 20th Street; 726 North 19th Street; 711 North 16th Street; 714 North 19th Street; The Fairmount Greenery at 817 North 20th Street; and The Porter at 2940 West Thompson Street. Samantha Kupersmith and Spencer Yablon of CBRE represented the seller, Philadelphia-based Stamm Development Group, and procured the buyer, Treeco Cos., in the transaction.
NEW YORK CITY — CLEAR (NYSE: YOU), a locally based provider of identity verification services, has signed a 119,000-square-foot office lease at 85 Tenth Avenue in Manhattan. The company will occupy two floors at the 11-story building, which was originally constructed in 1913. Jared Horowitz and Jason Perla of Newmark represented the tenant in the lease negotiations. Edward Riguardi and Anthony Cugini of Vornado Realty Trust and Stephen Winter of Related Cos. represented building ownership on an internal basis.
NEWTON, MASS. AND HOLMDEL, N.J. — Industrial Logistics Properties Trust (ILPT) has agreed to acquire all the outstanding shares of Monmouth Real Estate Investment Corp. (NYSE: MNR) for $21 per share in an all-cash transaction valued at approximately $4 billion. The agreement includes the acquisition of $409 million of debt and all of Monmouth’s industrial properties. The transaction is slated to close in the beginning of 2022. Under the agreement, ILPT will add Monmouth’s 126 Class A, single-tenant industrial properties totaling more than 26 million square feet to its portfolio. The Monmouth assets have an average remaining lease term of approximately eight years. The portfolio is over 80 percent leased to tenants that generate yearly rental revenue of $169.4 million. ILPT cites geographic diversity and tenant diversity as benefits of the acquisition. Also, the merger will allow ILPT to improve its tenant base with renters such as Home Depot, Mercedes Benz and Ulta. “This accretive transaction more than doubles the properties in ILPT’s mainland portfolio and this scale is expected to expand ILPT’s growth opportunities and access to capital, which we expect will drive cash flow growth and long-term value for our shareholders,” says John Murray, chief executive officer of …
PHILADELPHIA — A joint venture between Philadelphia-based investment firm Arden Group and global investment management firm Arcapita Holdings Group has acquired a portfolio of 18 industrial properties totaling approximately 5 million square feet. The properties are located in seven U.S. markets: Atlanta, Charlotte, Columbus, Dallas, Houston, Philadelphia and Indianapolis. The acquisition is part of the joint venture’s strategic plan to acquire up to $2 billion in multi-tenant industrial assets across the country. The seller(s) was not disclosed. Sheheryar Hafeez,John Huguenard, John Rose, Brian Walsh, Ross Bratcher, Anderson Granger and Michael Brady of JLL arranged acquisition financing for the joint venture.
NEW YORK CITY — Cushman & Wakefield has arranged the $64.7 million sale of The Metro Portfolio, a collection of six multifamily properties in Manhattan. Robert Shapiro, Andrew Berry, Michael Gembecki, Charlie Gravina, Austin Fabel and Nicholas Kontos of Cushman & Wakefield represented the seller, Metro Management, in each transaction. The buyer was not disclosed.
ISELIN, N.J. — Opal Holdings LLC will renovate Metropark194, a 452,133-square-foot office building in the Northern New Jersey community of Iselin. Capital improvements to the nine-story, transit-served building will include an upgraded lobby, renovations to the café and the addition of a new fitness center. Avison Young will provide construction management services for the project. Construction is scheduled to begin before the end of November and to last about five months.
SYRACUSE, N.Y. — Cleeman Realty Group, an investment advisory firm with offices in New York City and Miami, has negotiated the sale of Airport Plaza, a 97,000-square-foot shopping center in Syracuse. The sales price was $4.2 million. Airport Plaza was fully leased at the time of sale. Sam Seelenfreund of Cleeman Realty represented the undisclosed buyer and seller in the off-market transaction.
STAMFORD, CONN. — Philip Morris International (NYSE: PM) has signed a 71,484-square-foot office lease for its new headquarters at 677 Washington Blvd. in Stamford, located in the southern coastal part of Connecticut. The lease term is 12 years. The tobacco giant will relocate from 120 Park Avenue in Manhattan beginning in late 2022. Richard Bernstein and Steven Baker of Cushman & Wakefield represented the tenant in the lease negotiations. Peter Duncan and Dana Pike represented the landlord, George Comfort & Sons, on an internal basis.
EAST ORANGE, N.J. — Locally based brokerage firm Gebroe-Hammer Associates has negotiated the $113 million sale of a 641-unit workforce housing portfolio in the Northern New Jersey community of East Orange. The portfolio consists of 10 transit-oriented properties that are all located within two miles of one another in the city’s downtown area. Milrose, a private investment group based in Central New Jersey, sold the portfolio to Spaxel. Joseph Brecher, David Oropeza and Niko Nicolaou of Gebroe-Hammer brokered the deal.